JDC scoops another deal for Hakuryu-11 jack-up rig

Japan Drilling Company has signed a drilling contract for its Hakuryu-11 jack-up rig with an unnamed client in Vietnam.

JDC said on Thursday the rig would be drilling subcontracted to PetroVietnam Drilling & Well Services Corporation who has secured the drilling contract from the unnamed operator.

The five-well drilling contract offshore Vung Tau, Vietnam, is expected to start in October 2019 and will take 300 days to complete. The operator will have an option to extend for one more well, which should take another 60 days.

The Hakuryu-11 rig is of the KFELS Super B Class and is a 3-leg self-elevating cantilever type drilling rig. It has a maximum operating water depth of 425 feet and a maximum drilling depth of 35,000 feet. The Hakuryu-11 was constructed by Keppel FELS Limited, Singapore, in May 2013.

Before embarking upon this Vietnam contract, the rig will first be deployed to drill for Premier Oil in Indonesia, under a four-well contract awarded in November 2018. JDC at the time said that the contract with Premier Oil would begin either in March or April, 2019.

According to Bassoe Analytics data, the Premier Oil contract is set to begin on March 30, and it has an estimated dayrate of 65000. This contract is expected to complete in mid-September 2019.

Worth noting, Bassoe has earlier this week issued it monthly jack-up report. The report shows that global jack-up utilization has surpassed 70% and is expected to continue rising as Mexico, Southeast Asia, and West Africa demand firms up.

“We see current fixture rates (for late-2019 and 2020 start) as stable or trending up in nearly all regions,” Bassoe said.

Bassoe Analytics tool shows there are 302 rigs currently drilling, with 112 warm/hot stacked, and 73 cold stacked units. There are also 70 jack-up rigs under construction.

Offshore Energy Today Staff

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